KUALA LUMPUR: Gold prices steadied on Friday but were on track for their biggest weekly fall since May after progress on US tax reform fuelled optimism about the US economy and boosted the dollar, making bullion more expensive for holders of other currencies.

Stronger-than-expected US employment data on Friday also demonstrated healthy economic growth and suggested the Federal Reserve will raise interest rates next week, as expected.

Spot gold was up 0.1pc at $1,247.70 an ounce at 1414GMT but near Thursday’s low of $1,243.71, the weakest since July 26.

Among other precious metals, silver was up 0.3pc at $15.77 but down nearly 4pc this week. Platinum was flat at $891.50 an ounce and on track to fall 5pc this week, its biggest weekly loss in nine months.

Palladium was 0.9pc lower at $1,004.20 an ounce.

Published in Dawn, December 9th, 2017